One Equity Partners Open Water I Corp. (OEPWW) operates as a blank check company whose purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses; it focuses its search for targets primarily in the technology, healthcare, and specialty industrials sectors. The company, sponsored by affiliates of One Equity Partners, a middle-market private equity firm, has not commenced substantive operations and generates no revenue. Founded in 2020 and headquartered at 510 Madison Avenue, 19th floor, New York, NY, it initially raised $300 million in its January 2021 initial public offering of 30 million units priced at $10 each, underwritten by Credit Suisse and RBC Capital Markets.
Its securities, including Class A common stock (OEPW), warrants (OEPWW), and units (OEPWU), were listed on Nasdaq, with separate trading commencing in March 2021. In late 2022, the company filed a preliminary proxy statement in October to seek early stockholder approval for liquidation prior to year-end, received Nasdaq notices related to warrant accounting under SEC guidance, and obtained approval at a December 1 special meeting to terminate operations early; trading of its public shares, warrants, and units ceased on December 8, 2022, with the Early Termination Amendment filed thereafter. As of the latest available data, the entity remains an inactive shell company with no ongoing business combinations or revenue activities.